British savers in crisis: Nest-eggs shrink as inflation rises to highest in two years and is set to take off
Britain's savers saw the returns on their cash disappear today as inflation jumped to its highest level in two years in September.
The consumer prices index rate of inflation rose to 1.0 per cent from 0.6 per cent in August, meaning that savers need an account paying more than 1 per cent to earn a real return on their deposits.
With only the very best easy access accounts paying just 1 per cent, and fixed rate accounts slightly more, most nest eggs around the country are now shrinking rapidly and the best deposit accounts are making a meagre, barely noticeable return.
Tom Stevenson,... read more